Australians turn to AI for money advice, survey finds

AustralianSuper has found that 17 per cent of Australians use artificial intelligence tools to help inform financial decisions. The figure rises to 28 per cent among those aged 18 to 29.

Its research also found trust remains a barrier, with 37 per cent of Australians saying they do not trust AI for financial information.

The data points to growing use of AI as a first step for people trying to understand money matters, from investments to retirement planning. At the same time, most users appear reluctant to rely on AI alone when making important decisions.

Among Australians who use AI for money matters, 25 per cent said they had acted on AI-generated financial information without checking other sources. More than half, 54 per cent, said they cross-check the information elsewhere, while 32 per cent said they consult a financial professional.

Younger Australians are the most frequent users of AI in this area, while older groups are far less likely to use it. The survey found that 6 per cent of Australians aged 60 and over use AI for financial guidance, compared with 28 per cent of those aged 18 to 29.

How AI Is Used

People who turn to AI for financial questions mainly use it for research rather than direct decision-making. Half of users said they use AI to explore investment options.

Another 45 per cent said they use it to compare financial products. A further 44 per cent use it to better understand superannuation and retirement finances, while the same share use it to estimate their retirement needs.

The results suggest AI is becoming a common entry point for people who want to ask financial questions in plain language or make sense of unfamiliar topics. This appears strongest when people are trying to navigate complexity rather than seek a final recommendation.

Trust Question

Trust concerns were prominent in the findings. Of the Australians who said they do not trust AI for financial information, 59 per cent cited a lack of trust in where the information comes from.

That matters because financial guidance often depends on the quality, origin and relevance of the information used. In areas such as retirement savings and investment choices, inaccurate or generic answers can affect long-term planning.

The survey indicates many users recognise those risks and are taking steps to verify what they read. Even among the younger age group most comfortable experimenting with AI tools, the findings suggest caution remains.

Personalisation Appeal

Despite those reservations, respondents showed interest in a more tailored form of AI-based guidance. Across all age groups, 34 per cent said they would find AI-generated financial guidance appealing if it was securely personalised to their circumstances.

That view was strongest among younger adults. More than half, 57 per cent, of 18-to-29-year-olds said they would embrace AI-powered financial guidance if it was securely personalised.

Respondents said they would be more comfortable with such tools if they drew on trusted and credible information sources and reflected factors including income, spending habits, life stage and long-term financial goals.

The findings highlight a tension financial institutions and technology providers are likely to face as AI use spreads in consumer finance. People appear willing to test the technology, but many still want human checks, transparent sourcing and safeguards around personal data before relying on it more heavily.

The research was commissioned by AustralianSuper and conducted by Quantum Market Research through an online survey of 1,009 Australians. The data was weighted to reflect the national population by age, gender and location.

AustralianSuper manages more than AUD $410 billion in retirement savings for more than 3.6 million members from more than 485,000 businesses.

Ross Ackland, Head of Guidance and Advice at AustralianSuper, commented on the results.

"Australians are increasingly using AI to navigate their finances, but trust is still a critical factor in how people act on the information they receive," Ackland said.

"The research shows people are curious about AI and willing to experiment with it, particularly to understand complex topics and explore their options.

"Technology clearly has an important role to play in making guidance more accessible, and as AI usage increases, we think trusted sources of guidance and advice will only become more important in helping Australians make informed financial decisions.

"When it comes to superannuation and retirement planning, AI can be a valuable way for Australians to educate themselves and explore different options. We encourage people to use credible, accountable sources and, before making any significant financial decisions, seek professional financial advice tailored to their individual circumstances.

"At AustralianSuper, we're committed to investing in and using technology that helps members access the information, guidance and advice they need to make informed decisions."